Institutional Monetary Heteronomy as a Theoretical Framework for Officially Dollarized Economies
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Published:
Jun 29, 2026
Keywords:
monetary heteronomy, dollarization, monetary sovereignty, structural dependence, monetary policy, Ecuador
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Abstract
The Theory of Optimum Currency Areas (TOCA), developed by Robert Mundell, provides a key framework for assessing the suitability of adopting a common currency. This article examines its principles, conceptual evolution, and relevance for Ecuador and El Salvador, two Latin American economies that have officially dollarized. Using a theoretical-hermeneutical approach, it evaluates the benefits and limitations of dollarization based on the classic criteria of Mundell, McKinnon, and Kenen, assessing whether these economies meet the conditions of an optimal currency area. The analysis finds that, although dollarization has strengthened price stability and macroeconomic credibility, neither country fully satisfies TOCA’s theoretical requirements. Their dollarization appears driven by institutional constraints, reduced sovereignty, and the search for credibility than by autonomous economic fundamentals. Consequently, the article argues that the Monetary Heteronomy Model constitutes a more appropriate conceptual framework for understanding the loss of sovereignty, structural dependence, and conditional stability inherent in dollarized monetary regimes.
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von Schoettler, R. (2026). Institutional Monetary Heteronomy as a Theoretical Framework for Officially Dollarized Economies. Cuestiones Económicas, 36(1), Autor: Ricardo I. von Schoettler. https://doi.org/10.47550/RCE/36.1.8
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Artículos de Investigación
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References
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Bonilla-Bolaños, A., & Villacreses, D. (2023). Dolarización plena y uniones monetarias: el caso del Ecuador. Revista de la CEPAL, 2023(140), 117-137.
Calcagno, A., & Manuelito, S. (2001). La convertibilidad argentina: ¿un antecedente relevante para la dolarización de Ecuador? Cuestiones Económicas, 17(1), 50.
Calvo, G. A. (2001). Capital markets and the exchange rate, with special reference to the dollarization debate in Latin America. Journal of Money, Credit and Banking, 312-334.
Calvo, G. A., & Reinhart, C. M. (2002). Fear of floating. The Quarterly Journal of Economics, 117(2), 379-408.
Campa, J. M. (2001). Exchange rate crises and bilateral trade flows in Latin America. IESE Research Papers D/470. https://www.iese.edu/media/research/pdfs/DI-0470-E.pdf
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Corbo, V. (2002). Exchange rate regimes in the Americas: is dollarization the solution? Culham, J., & King, J. E. (2013). Horizontalists and Verticalists after 25 years. Review of Keynesian Economics, 1(4), 391-405.
Davidson, L. (1999). What are the essential elements of post Keynesian monetary theory? En Uncertainty, International Money, Employment and Theory (pp. 254-275). Springer. Dodd, N. (2016). The Social Life of Money. Princeton University Press.
Edwards, S., & Magendzo, I. I. (2003). Dollarization and economic performance: what do we really know? International Journal of Finance & Economics, 8(4), 351-363.
Edwards, S., & Magendzo, I. I. (2006). Strict dollarization and economic performance: an empirical investigation. Journal of Money, Credit & Banking, 38(1), 269-283.
Eichengreen, B. (2001). What problems can dollarization solve? Journal of Policy Modeling, 23(3), 267-277.
Ferraro, E. (2004). El dólar vale más: una reflexión sobre dinero, Estado e identidad. Íconos-Revista de Ciencias Sociales, (19), 71-77.
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Garzón Espinosa, E. (2021). Vínculo entre saldo fiscal y endeudamiento privado: propuesta analítica y estudio empírico.
Goodhart, C. (1988). The Evolution of Central Banks. MIT Press.
Goodhart, C. A. E. (2011). The changing role of central banks. Financial History Review, 18(2), 135-154.
Guerra Salas, J. F. (2010). La inflación en el Ecuador, un enfoque institucional, 1980-2009. https://repositorio.puce.edu.ec/items/f37c8d86-5ec8-4d23-a840-f0657ab951c5
Hablemos de Quito con Rodolfo Muñoz. (2025). ¿Por qué perdimos nuestra moneda nacional? Caída del Sucre, Feriado Bancario y Dolarización.
Hausmann, R. (1999). Should there be five currencies or one hundred and five? Foreign Policy, 65-79.
Hausmann, R., Panizza, U., & Stein, E. (2001). Why do countries float the way they float? Journal of Development Economics, 66(2), 387-414.
Hume, D. (1752). Of Money. Essays moral, political and literary. En The Philosophical Works of David Hume (Vol. 3).
Jácome, L. I. (2004). The late 1990s financial crisis in Ecuador: Institutional weaknesses, fiscal rigidities, and financial dollarization at work.
Jácome, L. I., & Lönnberg, Å. (2010). Implementing Official Dollarization. International Monetary Fund.
Kelton, S. (2020). The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. PublicAffairs.
Kenen, P. (1969). The theory of optimum currency areas: an eclectic view. En R. Mundell & A. Swoboda (Eds.), Monetary Problems in the International Economy. University of Chicago Press.
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Harcourt; Brace.
Knapp, G. F. (1921). Staatliche Theorie des Geldes. Duncker & Humblot. Labarca, N. J., Bravo, D. A., Polit-Vera, M. L., & Aucancela, J. M. (2020). Dolarización: una mirada teórica. Revista ESPACIOS, 798, 1015.
Larrea, C. (2004a). Crisis, dolarización y pobreza en el Ecuador. En Retos para la Integración Social de los Pobres en América Latina (p. 167).
Larrea, C. (2004b). Dolarización y desarrollo humano en Ecuador. Íconos. Revista de Ciencias Sociales, (19), 43-53.
Lawson, W. J. (1852). The History of Banking: With a Comprehensive Account of the Origin, Rise, and Progress of the Banks of England, Ireland, and Scotland. Gould; Lincoln.
Marconi, S. (2001). La dolarización: un grand affaire de economía política. Quito: FlacsoEcuador.
McKinnon, R. I. (1963). Optimum currency areas. The American Economic Review, 53(4), 717-725.
Menger, C. (1892). The Origin of Money. The Economic Journal, 17.
Mill, J. S. (1848). Principles of Political Economy. https://www.gutenberg.org/files/30107/ 30107-h/30107-h.html
Mises, L. von. (1949). Human Action: A Treatise on Economics.
Mishkin, F. S. (2007). The Economics of Money, Banking, and Financial Markets. Pearson Education.
Moreno-Villalaz, J. L. (1998). Lessons from the monetary experience of Panama: A dollar economy with financial integration. Cato Journal, 18, 421.
Moreno-Villalaz, J. L. (2005). Financial integration and dollarization: The case of Panama. Cato Journal, 25, 127.
Mundell, R. A. (1963). Capital mobility and stabilization policy under fixed and flexible exchange rates. Canadian Journal of Economics and Political Science, 29(4), 475-485.
Mundell, R. A. (1961). A Theory of Optimum Currency Areas. The American Economic Review, 51(4), 657-665.
Naranjo Chiriboga, M. P. (2004). Costos del abandono de la dolarización en Ecuador. https://repositorio.flacsoandes.edu.ec/handle/10469/2260
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Padilla, L., & Rodriguez García-Brazales, Á. (2021). Can South America Form an Optimal Monetary Area? A Structural Vector Autoregression Analysis. International Economics and Economic Policy, 18(2), 309-329. https://doi.org/10.1007/s10368-020-00490-2
Palacio, M. (2025). La dolarización en Ecuador: ¿estabilizar la economía a palos? https://www.economicas.uba.ar/extension/vocesenelfenix/la-dolarizacion-en--ecuador-estabilizar-la-economia-a-palos/
Perfeito Da Silva, P. (2024). The politics of capital mobility in dollarized economies: comparing Ecuador and El Salvador. Review of International Political Economy. http:// ore.exeter.ac.uk/repository/handle/10871/137542
Quispe-Agnoli, M., & Whisler, E. (2006). Official dollarization and the banking system in Ecuador and El Salvador. Economic Review-Federal Reserve Bank of Atlanta, 91(3), 55.
Reinhart, C., & Calvo, G. A. (2000). Fear of floating. https://papers.ssrn.com/sol3/papers. cfm?abstract_id=2882527
Robinson, J. A., & Acemoglu, D. (2012). Why Nations Fail: The Origins of Power, Prosperity and Poverty. Profile.
Rodríguez, C. A. (2000). Dolarización. Realidad y Reflexión, 1(1), 15-21. http://www. zredicces.org.sv/jspui/handle/10972/2742
Savastano, M. A. (1996). Dollarization in Latin America: Recent evidence and some policy issues. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=882905
Simmel, G. (2004). The Philosophy of Money. Routledge.
Spurrier, W. (2001). Los errores iniciales de la dolarización. Macroeconomía y economía política en dolarización, 39-51
Tcherneva, P. R., & Cruz-Hidalgo, E. (2020). Dinero, poder y regímenes monetarios: por qué la naturaleza del dinero sí importa. Revista de economía crítica, (29), 1-15.
Testimony before the Subcommittee of the Committee on Banking and Currency, House of Representatives. (1912). Testimony before the Subcommittee of the Committee on Banking and Currency, House of Representatives (p. 1084).
Tucker, P. (2014). The lender of last resort and modern central banking: principles and reconstruction. BIS Paper, (79b). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2504686
Wilkis, A. (2024). Dolarizaciones: historias nacionales de una moneda global. Fondo de Cultura Económica Argentina.
Woodford, M., & Walsh, C. E. (2005). Interest and prices: Foundations of a theory of monetary policy. Macroeconomic Dynamics, 9(3), 462-468.
Wray, L. R. (2015). Modern Money Theory. En The New Palgrave Dictionary of Economics (pp. 1-13). Palgrave Macmillan.
Wray, L. R. (2020). The “Kansas City” Approach to Modern Money Theory. En Levy Economics Institute of Bard College. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3650357
Yeyati, E. L. (2006). Financial dollarization: evaluating the consequences. Economic Policy, 21(45), 62-118.
Aizenman, J. (2018). A Modern Reincarnation of Mundell-Fleming’s Trilemma. Economic Modelling, 81, 444-454.
Aizenman, J., Chinn, M., & Ito, H. (2010). The Trilemma Indexes. https://web.pdx.edu/~ito/trilemma_indexes.htm
Ayala Mora, M. E. (2008). Resumen de historia del Ecuador. Corporación Editora Nacional.
Ayala Mora, M. E. (2012). La prensa en la historia del Ecuador: una breve visión general. Paper Universitario. https://repositorio.uasb.edu.ec/handle/10644/3016
Bagehot, W. (1873). Lombard Street: A Description of the Money Market.
Balassa, B. (1971). The Theory of Economic Integration (Routledge Revivals). Routledge.
Baliño, T., Bennett, A., & Borensztein, E. (1999). Monetary Policy in Dollarized Economies (IMF Occasional Paper No. 171). International Monetary Fund.
Banco Central del Ecuador. (2022). Tipo de Cambio Sucre Dólar Histórico. https://www. bce.fin.ec/index.php/cotizaciones
Banco Central del Ecuador. (2025). Principales Funciones del Banco Central del Ecuador. https://www.bce.fin.ec/banco-central-del-ecuador/funciones/
Barro, R. J., & Gordon, D. B. (1983). Rules, discretion and reputation in a model of monetary policy. Journal of Monetary Economics, 12(1), 101-121.
Berg, A., & Borensztein, E. (2000a). The Pros and Cons of Full Dollarization. International Monetary Fund.
Berg, A., & Borensztein, E. (2000b). The Pros and Cons of Full Dollarization, International Monetary Fund, Research Dept. International Monetary Fund, Washington.
Bernanke, B. S. (2010). Monetary policy and the housing bubble. Annual Meeting of the American Economic Association, Atlanta, Georgia, 3.
Blanchard, O. J., Dell’Ariccia, G., & Mauro, P. (2013). Rethinking Macro Policy II: Getting Granular. International Monetary Fund.
Bonilla-Bolaños, A., & Villacreses, D. (2023). Dolarización plena y uniones monetarias: el caso del Ecuador. Revista de la CEPAL, 2023(140), 117-137.
Calcagno, A., & Manuelito, S. (2001). La convertibilidad argentina: ¿un antecedente relevante para la dolarización de Ecuador? Cuestiones Económicas, 17(1), 50.
Calvo, G. A. (2001). Capital markets and the exchange rate, with special reference to the dollarization debate in Latin America. Journal of Money, Credit and Banking, 312-334.
Calvo, G. A., & Reinhart, C. M. (2002). Fear of floating. The Quarterly Journal of Economics, 117(2), 379-408.
Campa, J. M. (2001). Exchange rate crises and bilateral trade flows in Latin America. IESE Research Papers D/470. https://www.iese.edu/media/research/pdfs/DI-0470-E.pdf
Connolly, M. B. (2025). Dollarization in Ecuador: 2000–2024. Annals of Operations Research, 346(1), 693-701. https://doi.org/10.1007/s10479-024-06365-y
Corbo, V. (2002). Exchange rate regimes in the Americas: is dollarization the solution? Culham, J., & King, J. E. (2013). Horizontalists and Verticalists after 25 years. Review of Keynesian Economics, 1(4), 391-405.
Davidson, L. (1999). What are the essential elements of post Keynesian monetary theory? En Uncertainty, International Money, Employment and Theory (pp. 254-275). Springer. Dodd, N. (2016). The Social Life of Money. Princeton University Press.
Edwards, S., & Magendzo, I. I. (2003). Dollarization and economic performance: what do we really know? International Journal of Finance & Economics, 8(4), 351-363.
Edwards, S., & Magendzo, I. I. (2006). Strict dollarization and economic performance: an empirical investigation. Journal of Money, Credit & Banking, 38(1), 269-283.
Eichengreen, B. (2001). What problems can dollarization solve? Journal of Policy Modeling, 23(3), 267-277.
Ferraro, E. (2004). El dólar vale más: una reflexión sobre dinero, Estado e identidad. Íconos-Revista de Ciencias Sociales, (19), 71-77.
Fisher, I. (1911). The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises. The Macmillan Company.
Fleming, J. M. (1962). Domestic financial policies under fixed and under floating exchange rates. Staff Papers, 9(3), 369-380.
Foresti, P. (2007). Is Latin America an optimal currency area? Evidence from a structural vector auto-regression analysis. https://mpra.ub.uni-muenchen.de/id/eprint/2961
Friedman, M. (1956). The Quantity Theory of Money: A Restatement. En Studies in the Quantity Theory of Money (pp. 3-21). University of Chicago Press.
Garzón Espinosa, E. (2021). Vínculo entre saldo fiscal y endeudamiento privado: propuesta analítica y estudio empírico.
Goodhart, C. (1988). The Evolution of Central Banks. MIT Press.
Goodhart, C. A. E. (2011). The changing role of central banks. Financial History Review, 18(2), 135-154.
Guerra Salas, J. F. (2010). La inflación en el Ecuador, un enfoque institucional, 1980-2009. https://repositorio.puce.edu.ec/items/f37c8d86-5ec8-4d23-a840-f0657ab951c5
Hablemos de Quito con Rodolfo Muñoz. (2025). ¿Por qué perdimos nuestra moneda nacional? Caída del Sucre, Feriado Bancario y Dolarización.
Hausmann, R. (1999). Should there be five currencies or one hundred and five? Foreign Policy, 65-79.
Hausmann, R., Panizza, U., & Stein, E. (2001). Why do countries float the way they float? Journal of Development Economics, 66(2), 387-414.
Hume, D. (1752). Of Money. Essays moral, political and literary. En The Philosophical Works of David Hume (Vol. 3).
Jácome, L. I. (2004). The late 1990s financial crisis in Ecuador: Institutional weaknesses, fiscal rigidities, and financial dollarization at work.
Jácome, L. I., & Lönnberg, Å. (2010). Implementing Official Dollarization. International Monetary Fund.
Kelton, S. (2020). The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. PublicAffairs.
Kenen, P. (1969). The theory of optimum currency areas: an eclectic view. En R. Mundell & A. Swoboda (Eds.), Monetary Problems in the International Economy. University of Chicago Press.
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Harcourt; Brace.
Knapp, G. F. (1921). Staatliche Theorie des Geldes. Duncker & Humblot. Labarca, N. J., Bravo, D. A., Polit-Vera, M. L., & Aucancela, J. M. (2020). Dolarización: una mirada teórica. Revista ESPACIOS, 798, 1015.
Larrea, C. (2004a). Crisis, dolarización y pobreza en el Ecuador. En Retos para la Integración Social de los Pobres en América Latina (p. 167).
Larrea, C. (2004b). Dolarización y desarrollo humano en Ecuador. Íconos. Revista de Ciencias Sociales, (19), 43-53.
Lawson, W. J. (1852). The History of Banking: With a Comprehensive Account of the Origin, Rise, and Progress of the Banks of England, Ireland, and Scotland. Gould; Lincoln.
Marconi, S. (2001). La dolarización: un grand affaire de economía política. Quito: FlacsoEcuador.
McKinnon, R. I. (1963). Optimum currency areas. The American Economic Review, 53(4), 717-725.
Menger, C. (1892). The Origin of Money. The Economic Journal, 17.
Mill, J. S. (1848). Principles of Political Economy. https://www.gutenberg.org/files/30107/ 30107-h/30107-h.html
Mises, L. von. (1949). Human Action: A Treatise on Economics.
Mishkin, F. S. (2007). The Economics of Money, Banking, and Financial Markets. Pearson Education.
Moreno-Villalaz, J. L. (1998). Lessons from the monetary experience of Panama: A dollar economy with financial integration. Cato Journal, 18, 421.
Moreno-Villalaz, J. L. (2005). Financial integration and dollarization: The case of Panama. Cato Journal, 25, 127.
Mundell, R. A. (1963). Capital mobility and stabilization policy under fixed and flexible exchange rates. Canadian Journal of Economics and Political Science, 29(4), 475-485.
Mundell, R. A. (1961). A Theory of Optimum Currency Areas. The American Economic Review, 51(4), 657-665.
Naranjo Chiriboga, M. P. (2004). Costos del abandono de la dolarización en Ecuador. https://repositorio.flacsoandes.edu.ec/handle/10469/2260
North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge University Press.
Ocampo, E. (2023). Dolarización y Autonomı́a Monetaria ı́ . [Substack newsletter]. Dolarización en Argentina. https://dolarizacionargentina.substack.com/p/dolarizacion-y- -autonomia-monetaria
Olivera, J. H. G. (1980). Autonomía Monetaria, Heteronomía y Dinero Pasivo. Ensayos Económicos, (13), 5-8.
Padilla, L., & Rodriguez García-Brazales, Á. (2021). Can South America Form an Optimal Monetary Area? A Structural Vector Autoregression Analysis. International Economics and Economic Policy, 18(2), 309-329. https://doi.org/10.1007/s10368-020-00490-2
Palacio, M. (2025). La dolarización en Ecuador: ¿estabilizar la economía a palos? https://www.economicas.uba.ar/extension/vocesenelfenix/la-dolarizacion-en--ecuador-estabilizar-la-economia-a-palos/
Perfeito Da Silva, P. (2024). The politics of capital mobility in dollarized economies: comparing Ecuador and El Salvador. Review of International Political Economy. http:// ore.exeter.ac.uk/repository/handle/10871/137542
Quispe-Agnoli, M., & Whisler, E. (2006). Official dollarization and the banking system in Ecuador and El Salvador. Economic Review-Federal Reserve Bank of Atlanta, 91(3), 55.
Reinhart, C., & Calvo, G. A. (2000). Fear of floating. https://papers.ssrn.com/sol3/papers. cfm?abstract_id=2882527
Robinson, J. A., & Acemoglu, D. (2012). Why Nations Fail: The Origins of Power, Prosperity and Poverty. Profile.
Rodríguez, C. A. (2000). Dolarización. Realidad y Reflexión, 1(1), 15-21. http://www. zredicces.org.sv/jspui/handle/10972/2742
Savastano, M. A. (1996). Dollarization in Latin America: Recent evidence and some policy issues. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=882905
Simmel, G. (2004). The Philosophy of Money. Routledge.
Spurrier, W. (2001). Los errores iniciales de la dolarización. Macroeconomía y economía política en dolarización, 39-51
Tcherneva, P. R., & Cruz-Hidalgo, E. (2020). Dinero, poder y regímenes monetarios: por qué la naturaleza del dinero sí importa. Revista de economía crítica, (29), 1-15.
Testimony before the Subcommittee of the Committee on Banking and Currency, House of Representatives. (1912). Testimony before the Subcommittee of the Committee on Banking and Currency, House of Representatives (p. 1084).
Tucker, P. (2014). The lender of last resort and modern central banking: principles and reconstruction. BIS Paper, (79b). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2504686
Wilkis, A. (2024). Dolarizaciones: historias nacionales de una moneda global. Fondo de Cultura Económica Argentina.
Woodford, M., & Walsh, C. E. (2005). Interest and prices: Foundations of a theory of monetary policy. Macroeconomic Dynamics, 9(3), 462-468.
Wray, L. R. (2015). Modern Money Theory. En The New Palgrave Dictionary of Economics (pp. 1-13). Palgrave Macmillan.
Wray, L. R. (2020). The “Kansas City” Approach to Modern Money Theory. En Levy Economics Institute of Bard College. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3650357
Yeyati, E. L. (2006). Financial dollarization: evaluating the consequences. Economic Policy, 21(45), 62-118.